Fund Manager, Privium Funds

Privium Fund Management

Fund Manager

Privium Funds

Privium Fund Management (Singapore) Pte Ltd is an MAS regulated Fund Manager holding a CMS License with a proven track record in providing Fund Management solutions for traditional and alternative asset portfolios.

Equity Bottom-Up

<ul>
<li>We think UI Boustead REIT offers an attractive entry point to SGX-listed industrial and logistics REITs.</li>
<li>It pairs a young, ~98%-occupied S$1.9bn Singapore-and-Japan portfolio with strong net property income margins and a forward distribution yield of ~8.1%/8.5% (FY26(E)/FY27(E)) on the current S$0.80 price, backed by a visible Sponsor pipeline and highly specialised, high tech industrial clients.</li>
<li>With the units trading modestly below pro forma NAV (S$0.85) and below the S$0.88 IPO price, the key detractions are the REIT's short trading history, heavy reliance on a Sponsor only pipeline, and whether the present high occupancy can translate into distributions that would meet the IPO expectations.</li>
</ul>


We think UI Boustead REIT offers an attractive entry point to SGX-listed industrial and logistics REITs.
It pairs a young, ~98%-occupied S$1.9bn Singapore-and-Japan portfolio with strong net property income margins and a forward distribution yield of ~8.1%/8.5% (FY26(E)/FY27(E)) on the current S$0.80 price, backed by a visible Sponsor pipeline and highly specialised, high tech industrial clients.
With the units trading modestly below pro forma NAV (S$0.85) and below the S$0.88 IPO price, the key detractions are the REIT's short trading history, heavy reliance on a Sponsor only pipeline, and whether the present high occupancy can translate into distributions that would meet the IPO expectations.


UI Boustead REIT (SGX: UIBU): IPO Research (3 August 2026)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead Reit (UIBREIT SP)</a> (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>We have looked at the past performance in our earlier note. In this note, we talk about valuations.</li>
</ul>



UI Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
We have looked at the past performance in our earlier note. In this note, we talk about valuations.


Aequitas: UI Boustead REIT IPO - Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">Ui Boustead Reit (UIBREIT SP)</a> (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>In this note, we look at the company's past performace.</li>
</ul>



Ui Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
In this note, we look at the company's past performace.


UI Boustead REIT IPO - Diverse Asset Base

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead REIT (UIBREIT SP)</a>  (UBREIT), a logistics and industrial REIT, raised around US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>We have looked at the company’s past performance and valuations, in our earlier notes. In this note we talk about the trading dynamics.</li>
</ul>



UI Boustead REIT (UIBREIT SP)  (UBREIT), a logistics and industrial REIT, raised around US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
We have looked at the company’s past performance and valuations, in our earlier notes. In this note we talk about the trading dynamics.


Aequitas: UI Boustead REIT IPO Trading - Decent Yield, Though Peers Have Been Correcting

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead REIT (UIBREIT SP)</a> invests in logistics, industrial, Hi-Specs industrial, and business space assets. It has launched an SGX IPO to raise proceeds of US$764 million.</li>
<li>I previously discussed the listing in <em><strong><a href="https://www.smartkarma.com/insights/ui-boustead-reit-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:225515" rel="noopener">UI Boustead REIT IPO: The Investment Case</a></strong></em>. </li>
<li>In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers' multiples and yields.</li>
</ul>



UI Boustead REIT (UIBREIT SP) invests in logistics, industrial, Hi-Specs industrial, and business space assets. It has launched an SGX IPO to raise proceeds of US$764 million.
I previously discussed the listing in UI Boustead REIT IPO: The Investment Case. 
In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers' multiples and yields.


Singapore

UI Boustead REIT is a Singapore-listed real estate investment trust that invests in logistics, industrial, high-specifications industrial, and business space assets across the Asia Pacific, with an initial focus on Singapore and Japan. Its initial portfolio comprises 23 properties with approximately 5.9 million square feet of gross floor area. The company was constituted on July 3, 2025, and is headquartered in Singapore.

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UI Boustead (UIBREIT SP)

UI Boustead REIT (SGX: UIBU): IPO Research (3 August 2026)

We think UI Boustead REIT offers an attractive entry point to SGX-listed industrial and logistics REITs. It pairs a young, ~98%-occupied S$1.9bn...

Privium Fund Management

Aequitas: UI Boustead REIT IPO - Thoughts on Valuations

UI Boustead REIT (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO. In this note, we talk...

Sumeet Singh

UI Boustead REIT IPO - Diverse Asset Base

Ui Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO. In this ntoe, we look at...

Sumeet Singh

Aequitas: UI Boustead REIT IPO Trading - Decent Yield, Though Peers Have Been Correcting

UI Boustead REIT (UIBREIT SP) (UBREIT), a logistics and industrial REIT, raised around US$767m in its Singapore IPO. In this note, we talk about...

Sumeet Singh

UI Boustead REIT IPO: Valuation Insights

UI Boustead REIT has launched an SGX IPO to raise proceeds of US$764 million. The valuation analysis suggests that the IPO price is attractive in...

Arun George

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